Electric ATV and UTV Market Size, Share and Business Strategies

The size of the electric ATV and UTV market was around $708 million in 2021, which will reach above $3,845 million by 2030, at a mammoth growth rate of approximately 21% in the years to come. The growth is reinforced by the increasing acceptance of adventurous and fun sports and activities, the low noise emissions and low ownership costs of these automobiles, and their increasing use by militaries.

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UTVs have the larger revenue share in 2021 in the electric ATV and UTV market, and this category will grow at a rate of above 22% in the near future, majorly because UTVs are more powerful and swifter. Because of their capability to carry goods, along with navigating trying terrain, UTVs are becoming increasingly popular among ranchers, farmers, and hunters. These vehicles are also common at universities, where they are generally employed for commuting, ferrying athletes and sports, and other simple jobs.

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The electric ATV and UTV market in North America generated the highest revenue, of about $458 million, in 2021. This is mainly credited to the acceptance of adventure sports and the presence of market stalwarts manufacturing and marketing quad bikes. Furthermore, government bodies in North America have augmented the investment for the construction of cross-country trails, in an effort to boost outdoor tourism and improve the adventure sports offerings in North America.

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